From the ABC:
A rail line that will link Adani’s $21 billion Carmichael coal mine to the Abbot Point port is one step closer, after passing its first assessment hurdle for a Federal Government loan.
The Government’s Northern Australia Infrastructure Facility (NAIF) has been asked to consider lending money for the line, running for 310 kilometres from the northern Galilee basin in Queensland to the port.
The ABC understands the board has now completed its preliminary assessment and referred the project for more detailed scrutiny.
NAIF has a mandate to offer a concessional loan of up to 50 per cent of the $2 billion project cost for the rail line.
The Labor State Government has ruled out funding the project, which will be Australia’s largest coal mine, so company will need substantial private investment.
The rail corridor is vital for the Adani mine to go ahead.
The chairman of the Indian mining company is due in Queensland on Tuesday to make an announcement about the project.
The Queensland and Federal governments gave environmental approvals this year for the project, which has been marred by protracted legal challenges by environmental groups and traditional owners.
Green groups slammed the NAIF development, saying it was at odds with Australia’s commitment to limit global warming to 2 degrees Celsius.
“The world’s governments have signed the Paris Agreement, which is incompatible with opening up the largest coal mine in Australia’s history,” the Australian Youth Climate Coalition’s Millie Anthony said.
“It’s a clear signal the Australian Government is putting the interests of a billionaire Indian mining corporation over the interests of the Australian public, young Australians and the Great Barrier Reef.”
Darren Kindleysides from the Australian Marine Conservation Society said the Australian Government should expect a please explain from the World Heritage Committee.
“Just a day after the Australian Government presented a report to the World Heritage Committee saying they were improving reef protection we see this funding proposal come forward that would accelerate destruction of the Great Barrier Reef.”
He does very little at all, does even less sensibly but when it comes to stupid, Do-nothing Malcolm is always leading from the front.
Everyone knows that the only way this Adani white elephant gets up is if coal prices are above $100. They’ve just been there for a few short days and are now on their way back to the half of that, at $82.25 today:
But there is one way to get Adani up and that’s for the public to subsidise the project thus lowering its break even costs. It’s picking winners of course (which we don’t do, remember cars), and comes with a huge list of negatives:
- given the global glut it will only serve to put other mines out of business, many of them in NSW, all of which are more efficient;
- it will drive the thermal coal price even lower more quickly;
- it will drive LNG prices lower as well and displace some of the gas shortage that India currently has,
- and it will jeopardise the Great Barrier Reef which is a key asset in Australia rebalancing away from the dirt boom.
It makes zero economic sense beyond delivering a few short term jobs (in QLD where the Coalition is getting mauled by One Nation) a bit of GDP and lower income.
Just when Do-nothing Malcolm could have served the national interest he’s gotten off his butt and done the wrong thing.
